Currency Buzz: INR Recovers As Crude Prices Slide

21 Jan 2022 , 05:00 PM

The Indian rupee recovered by 8 paise to close at 74.43 (provisional) against the US dollar on Friday on the back of easing crude oil prices and dollar selling by banks and exporters. However, the rupees further recovery was restricted by sustained foreign fund outflows and sell-offs in domestic equities. At the interbank foreign exchange market, the rupee opened at 74.50 a dollar and during the day, it witnessed an intra-day high of 74.40 and a low of 74.55 against the American currency. The domestic unit finally settled at 74.43 (provisional) against the American currency, up 8 paise over its last close of 74.51. During this week, the local currency has depreciated 28 paise against the US dollar. Meanwhile, the US dollar index, which measures the greenbacks strength against the basket of six currencies, fell 0.13 per cent to 95.61.

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